Coto Man Accused of Swindling Doctors to Fund Lavish Lifestyle
A Coto de Caza man accused of masterminding an investment scheme in which 77 physicians and dentists lost nearly $2 million is expected to surrender soon to face federal charges, authorities said today.
An indictment returned by a federal grand jury on Wednesday against 56- year-old David William Rose charges him with mail and wire fraud and money laundering dating back eight years.
Rose, the owner of Irvine-based M.D. Venture Partners LP and Technology Innovation Partners LP, is accused of “offering to doctors and dentists phony investments in emerging medical and dental technologies,” according to the indictment.
From March 2005 to about May 2011, Rose solicited doctors to invest money in M.D. Venture Partners, with the defendant receiving a 2.5 percent management fee, according to the indictment.
The indictment alleges that instead of investing the money in emerging medical technology, Rose used it for personal expenses such as $7,500 a month to rent a house in Coto de Caza, tuition and room and board for his children at the University of Arizona, $65,000 for two new cars, jewelry for his wife, attorneys’ fees, groceries, clothing and sporting goods, pet care, orthodontics, utility and credit card bills and restaurant dining.
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